We’ve Been Compromised! Banks Struggle to Fight Fraud

This is the second installment of a three-part series on banking industry trends.

Information security is a hot button for all businesses. But for banks, it is particularly critical due to the nature of the information they have as well as increasing compliance regulations. As part of our ongoing series on the US banking industry, we are taking an in-depth look at the security profile of banks in America and what they are doing to protect personal information.

A look at the data (as shown in the infographic below) shows that fraud is prevalent (82 percent have experienced it) and there are some clear areas for improvement including PCI compliance and employee education.

The key for banks is to maintain protection and compliance while still offering features customers want like mobile banking. Not to mention the strain on resources while trying to grow revenue. It’s a fine line to walk.

Do you think banks can really offer 100% protection of our personal data or are security risks just a part of (our online) life?